Answer:
FV= $11,156.94
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $7,000
Number of periods (n)= 8 years
Interest rate (i)= 6% compounded annually
<u>To calculate the future value (FV), we need to use the following formula:</u>
FV= PV*(1 + i)^n
FV= 7,000*(1.06^8)
FV= $11,156.94
Given that the associative property of multiplication says that you can group the numbers in any combination, we can reorganize the expression as: 7·(10·3)=210. So the answer would be the first option.